What You Need to Know
- Fidelity enhances its Advyzon integration, while its eMoney Advisor expanded Monte Carlo features.
- Envestnet MoneyGuide launched Spend vs. Borrow and Mortgage Refinance Blocks.
- An AI-focued asset management firm hired former WisdomTree executive Bruce Lavine.
SEI has acquired Oranj’s cloud-native technology platform that provides digital collaboration tools to financial advisors and their clients.
As part of the transaction, David Lyon, Oranj CEO and founder, joined SEI, “alongside 13 engineers, developers, cloud specialists and client service personnel to support a seamless transition,” SEI said Wednesday.
The purchase price was not disclosed by SEI, which has been serving the independent financial advisor market for more than 25 years and works with 7,500 advisor clients who manage $75.1 billion in assets, it said.
Oranj announced late last year it was ceasing operations to its advisor clients. The platform provider opened its doors in March 2014.
Oranj will complement the SEI Wealth Platform, a single-infrastructure technology solution that supports an end-to-end wealth management experience, including custody services, model management and trading.
“The integration of Oranj’s assets is expected to position SEI to provide an enhanced, digital experience across every aspect of an advisor’s business, including the full lifecycle of client engagement,” it said.
“The wealth management sector continues to undergo increased pressures to digitize the investor experience,” according to Kevin Crowe, head of product development for Independent Advisor Solutions.
“We believe that Oranj’s technology integration with the SEI Wealth Platform will make a significant difference in the way advisors can engage and interact with their clients, as well as provide the transparency and insight investors need for their financial decision-making,” he said in the announcement.
Fidelity Adds More Services for Advyzon Users
“Advyzon users can now open and manage Fidelity accounts more efficiently with our latest integrations,” Fidelity Institutional tweeted Wednesday, disclosing enhanced integrations that had been made between their platforms.
“Our newest integrations with @advyzon make it easier to open Fidelity accounts, view positions and balances, access documents and monitor alerts helping to drive efficiency for your business,” Fidelity Institutional said in the tweet.
In addition, “advisors can now leverage account opening” and single sign-on “integrations between Advyzon and Wealthscape, making it more efficient to open Fidelity accounts,” a Fidelity spokeswoman said. New integration capabilities also include “custodial statements synced to the Advyzon Document Vault,” she noted.
Fidelity now has integrations with over 200 fintech firms and “continues to expand,” she said, adding: “We are focused on adding integrations that help meet our clients’ needs.”
Fidelity had “data integrations in place with Advyzon for a few years,” she noted. But, prior to this, the integration was just “basic integration, where you’re just getting the data,” John Mackowiak, chief business development officer at Advyzon, told ThinkAdvisor.